{ "docId": "019dd923-622c-750b-8b9a-2a2468219173", "docSlug": "ce565b841c40", "documentTitle": "Nevro Corp. (NVRO)", "authorId": "58_Scorpion_Capital", "authorName": "Kir Kahlon", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2021-01-07 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 223, "pageCount": 239, "prevPage": 222, "nextPage": 224, "slideType": "expose_contradiction", "function": "expose_contradiction", "density": "overcrowded", "nDataPoints": 0, "notes": "The slide uses testimonial quotes to frame the company's business model as exploitative.", "elementsJson": [ "headline_text", "bullet_list", "quote_block", "footnote" ], "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019dd923-622c-750b-8b9a-2a2468219173/223", "deckHref": "/decks/019dd923-622c-750b-8b9a-2a2468219173", "deckJsonHref": "/decks/019dd923-622c-750b-8b9a-2a2468219173.json", "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-2a2468219173#slide-223", "components": [ { "bbox": null, "kind": "callout", "text": "KOL's elaborated on the dynamic described by former employees, calling the pushing of stimulator trials as \"straight up fraud\" and \"a big problem,\" saying that doctors \"pump bodies\" through stimulator clinics, particularly in high-abuse states with \"giant billboards\" for stimulators.", "attrs": null, "subkind": null, "toolName": "Visual emphasis", "toolSlug": "visual-emphasis", "confidence": null, "componentId": "019dd953-3f3d-76db-b34a-8b59f2b8ce9c", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.03, "w": 0.8, "x": 0.06, "y": 0.56 }, "kind": "list", "text": "A KOL and Nevro user characterized the SCS space as pumping bodies through clinics", "attrs": null, "subkind": "bullet", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "403f03a0-665a-4eb9-9d3f-62fb442a18f6", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.03, "w": 0.8, "x": 0.06, "y": 0.41 }, "kind": "list", "text": "Doctors doing trials “to make money” with no intent of doing a permanent implant is a “big problem”", "attrs": null, "subkind": "bullet", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "6ed4cabf-2175-4fbf-b99d-16c274c997d5", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.03, "w": 0.8, "x": 0.06, "y": 0.24 }, "kind": "list", "text": "A Nevro user described “straight up fraud” around trial implants and implanters who “belong in jail”", "attrs": null, "subkind": "bullet", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "bb5b0fd3-a6b5-4287-9755-ff0e864476a4", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.08, "w": 0.88, "x": 0.06, "y": 0.13 }, "kind": "paragraph", "text": "KOL’s elaborated on the dynamic described by former employees, calling the pushing of stimulator trials as “straight up fraud” and “a big problem,” saying that doctors “pump bodies” through stimulator clinics, particularly in high-abuse states with “giant billboards” for stimulators.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "42609d3c-c11c-4861-a72b-8d5d8fa40c0b", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.1, "w": 0.85, "x": 0.09, "y": 0.6 }, "kind": "quote", "text": "“There are doctors looking to pump bodies through the clinic and install stimulators. There absolutely are. The trial should speak for itself. I never push the permanent implant. Florida is the big abuse state not only for stimulators but opioids. There are giant billboards on highways for cataract surgery and stimulators too.” - KOL", "attrs": null, "subkind": "testimonial", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "35e5643d-4554-4d21-b970-5f061c6890fe", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.08, "w": 0.85, "x": 0.09, "y": 0.28 }, "kind": "quote", "text": "“Trials – that’s where the misuse is. A guy in Brooklyn had a test to permanent implant ratio of 10%. He was just taping the lead to patients’ backs and not even implanting the leads. That’s just straight up fraud and he belongs in jail. That’s one opportunity for abuse.” - KOL and moderate Nevro user", "attrs": null, "subkind": "testimonial", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "9ebb49e3-055e-4fd5-9da3-1a502e46f713", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.06, "w": 0.85, "x": 0.09, "y": 0.45 }, "kind": "quote", "text": "“Doctors doing trials to make money was a big problem. Companies were charging $1,000 to $2,000 per lead and having doctor putting in 4 leads with no intent to do a permanent implant.” - KOL and Nevro implanter", "attrs": null, "subkind": "testimonial", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "dd42c9fd-ac9d-450d-abd2-5a90da874dc0", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "quote", "text": "\"Trials – that’s where the misuse is. A guy in Brooklyn had a test to permanent implant ratio of 10%. He was just taping the lead to patients’ backs and not even implanting the leads. That’s just straight up fraud and he belongs in jail. That’s one opportunity for abuse.\" — KOL and moderate Nevro user; \"Doctors doing trials to make money was a big problem. Companies were charging $1,000 to $2,000 per lead and having doctor putting in 4 leads with no intent to do a permanent implant.\" — KOL and Nevro implanter; \"There are doctors looking to pump bodies through the clinic and install stimulators. There absolutely are. The trial should speak for itself. I never push the permanent implant. Florida is the big abuse state not only for stimulators but opioids. There are giant billboards on highways for cataract surgery and stimulators too.\" — KOL", "attrs": null, "subkind": null, "toolName": "Authority citation", "toolSlug": "authority-citation", "confidence": null, "componentId": "019dd953-3f3d-76db-b34a-8f6aa3b85576", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.02, "w": 0.2, "x": 0.06, "y": 0.96 }, "kind": "source-note", "text": "Source: Consultation calls with experts", "attrs": null, "subkind": null, "toolName": null, "toolSlug": null, "confidence": null, "componentId": "f52e0bb8-052c-46cb-9484-e61ec5b7bd23", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.03, "w": 0.85, "x": 0.06, "y": 0.09 }, "kind": "title", "text": "18, Over-utilization, unnecessary implants, and patient exploitation are key drivers of Nevro’s sales", "attrs": null, "subkind": "action-title", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "206d68c0-0a53-4945-88c2-ade1177d8351", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.03, "w": 0.4, "x": 0.06, "y": 0.04 }, "kind": "title", "text": "Scorpion Capital | Nevro (NYSE: NVRO)", "attrs": null, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "c1ce82a9-6313-4ae0-910f-149d599c3549", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [ { "name": "antagonist-introduction", "slug": null, "matchId": "0e8763af-f1d0-4f9d-9c3f-99a75c77c13c", "evidence": "The slide frames doctors and the company as the antagonist in a narrative of patient exploitation.", "confidence": 0.8 } ], "arcBeats": [], "loops": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }